Smiles Entertainment had the following accounts and balances at December 31:22AccountDebitCreditCash$11,800Accounts Receivable2,360Prepaid InsuranceSuppliesAccounts PayableSkipped3,1201,360$ 5,900T. Happy, Capital5,980Service Revenue8,800Salaries Expense680Utilities Expense1,360Totals$20,680 $20,680Using the information in the table, calculate the company's reported net income for the period.Multiple Choice$1,460.$4,540.

Net income: Net income is the excess amount of revenue which arises after deducting all the expenses…

Answered: Smiles Entertainment had the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data (in millions) were adapted from recent financial statements of CVS Health Corporation (CVS). Year 2 Year 1 Sales $256,776 $194,579 Operating income 12,467 10,170 Average accounts receivable 18,624 15,406 1. Compute the accounts receivable turnover for Years 1 and 2. Round to one decimal place. Accounts Receivable Turnover Year 2 fill in the blank 1 Year 1 fill in the blank 2 2. Compute the days' sales in receivables for Years 1 and 2. Assume there are 365 days in the year, and round to the nearest day. Number of Days' Salesin Receivables Year 2 fill in the blank 3 days Year 1 fill in the blank 4 days 3. Compute the return on sales for Years 1 and 2. Round to one decimal place. Return on Sales Year 2 fill in the blank 5 % Year 1 fill in the blank 6 % 4. Based on the results in parts 1, 2, and 3, all the following are true except: The change in accounts receivable turnover from Year 1 to…
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